Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Smith & Wesson Holding (Nasdaq: SWHC) shot 15% higher today after the gunmaker's quarterly results and guidance easily topped Wall Street expectations.

So what: Smith & Wesson shares have skyrocketed over the past year on soaring demand for guns, and today's first-quarter thumping -- adjusted EPS of $0.28 versus the consensus of $0.18 -- coupled with upbeat full-year guidance, suggests that the momentum isn't slowing anytime soon. Additionally, management's cost-cutting efforts are helping drive strong margin expansion, giving investors plenty of good vibes about profitable growth going forward.

Now what: Management now sees full-year EPS of $0.85-$0.95 on revenue of $530 million-$540 million, crushing the average Wall Street estimates of $0.57 and $498 million, respectively. "Based on our stronger than anticipated first quarter, current consumer orders for our products, and our ability to pull forward certain capacity expansions, we are increasing our full year fiscal 2013 financial guidance," said CFO Jeffrey Buchanan. I'm always weary about grabbing such a red-hot stock, but with a reasonable forward P/E of 14, Smith & Wesson might have plenty of room to shoot even higher.

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